C&J Energy merges with Nabors Industries unit in $2.86 billion deal

C&J Energy Services has announced that it will merge with Nabors Industries in a bid to expand their reach into more oil and gas producing areas. Tess Stynes from the Wall Street Journal reports:

The deal will combine C&J Energy Services with Nabors’s completion-and-production businesses in the U.S. and Canada, which help companies get their wells ready to pump oil and natural gas.

Under the deal, Nabors would receive $940 million in cash and approximately 62.5 million shares in the new company. The oil-field services company also expects the move to increase its focus on its drilling businesses and enhance its financial position. The deal also will create one of the largest completion-and-production-services operations in North America.

C&J Energy Founder and Chief Executive Josh Comstock said the combined company will possess greatly increased capacity for its hydraulic fracturing, coiled tubing and wireline offerings and will introduce cementing to its completion services.

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